The last major project of the creator Xiaomi. The company invests more than $ 10 billion in its cars

The updated information appeared about the colossal investments that Xiaomi has already made and plans to invest in the business of producing intelligent electric vehicles in the coming years.

In the original post, misleading information was published that Xiaomi is going to invest $ 100 million in the project over the next 10 years. However, in fact, the head of Xiaomi Lei Jun, who will act as CEO of the smart electric vehicles business, called other amounts.

At the start, the company immediately invested $ 1.5 billion, and over the next ten years it plans to invest another $ 10 billion. Lei Jun stated that this unit will be the “last major business project” of his life.

The last major project of the creator Xiaomi.  The company invests more than $ 10 billion in its cars

The company’s move to auto manufacturing comes amid similar moves by other tech giants in China and abroad. In January, Baidu said it was developing an electric car through a partnership with domestic automaker Geely Automobile Holdings Ltd. Huawei Technologies Co Ltd is in talks with local carmaker Changan Automobile and others to build electric vehicles, while Apple is also planning to enter the electric vehicle market.

Last week, Reuters reported that Xiaomi was in talks with Chinese automaker Great Wall, but the latter denied this information.

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